The COVID-19 pandemic brought about many new challenges to building and energy management. From underutilized office space to an increased reliance on residential utility services, building resilience became a vital component to successful business operations. Now, with inflation on the rise and supply chain disruptions continuing, many utility and building managers may think of reducing expenses and business forecasts due to economic instability. However, as many return to the office and others maintain their work-from-home lifestyles, it is crucial utility providers not only maintain service standards, but overperform.
Despite recessionary economic fluctuations, the global field service management market is predicted to reach $7.9 billion by 2027. Consider the following reasons to budget for field service management (FSM) technology to level up service management during a time of market pullbacks, and emerge from this economic downturn ahead of competitors.
Modernise technician management
As an industry with several moving parts and technicians who need to address outages quickly,it is essential that utility work requests and deployments are as efficient as possible to save on costs and time. FSM with schedule optimization leverages Artificial Intelligence (AI) to optimize complex service schedules in real-time. Now, building managers who request service installation or repair are automatically connected to a properly skilled technician. This automated communication can also streamline job dependencies and inventory management so that field technicians are dispatched at the appropriate time in the job cycle and with the proper parts to complete the task at hand immediately, thus eliminating the cost of repeat visits.
Also, AI-powered schedule optimization can be adjusted based on business-driven constraints. By accounting for sudden off-peak demand, outages, natural disasters, geographical proximityand inventory shortages, this technology can ensure that schedules are maximized, work order overlap is eliminated, and downtime is minimized for optimal efficiency. By better-connecting technicians on the road to both their workload managers and to the customer, FSM can properly prepare technicians for increased productivity of 45% and quality of service onsite.
Optimise service to reduce costs
Building technologies are commonly used networks of equipment, systems, and software that are integral to powering and operating buildings and homes. When electricity, HVAC and other utility operations fail, it is imperative that they are repaired quickly. However, when fuel prices are high and traffic is congested, a simple repair visit could unnecessarily consume business resources and time. Thanks to new integrated augmented realty (AR) capabilities, the need for onsite visits may become less necessary. A recent survey discovered that field service businesses who deployed AR saw a 38% increase of Return on Investment (ROI). AR can reduce service trips by helping technicians conduct remote diagnoses of equipment or quote estimations of installations. These AI and AR-powered tools enable technicians to leverage real-time video conferencing with spatial orientation to identify problems and easily communicate with customers remotely. AI tools can leverage optical character-recognition to read and store text details from customer photos to track product serial numbers in one digital platform. The ability to remotely evaluate, troubleshoot and solve repair or assessment work requests can drastically reduce onsite visits and save on costs.
Implement a blended workforce
For years, utility providers have struggled with an aging workforce and an increased skills gap.However, field service intrinsically depends on having a reliable network of experienced technicians to address demand when needed and act quickly in a time of crisis. Forward-thinking organizations understand that diversifying their employees via a blended workforce can offer financial flexibility during times of stress without compromising talent.
Incorporating contracted employees can lessen the financial burden of paying a full-time workforce if demand is slow. FSM technology facilitates contractor management through incorporated credentialing and onboarding processes. Leading FSM providers offer access to their personal network of vetted independent contractors to connect utility providers and to the best talent when they need it – be it presently or in the future. By building out a blended workforce of contracted and employed workers, providers can guarantee that they are prepared to dispatch qualified engineers, regardless of service capacity or location.
Plan for the future
When prices are high, it is understandable to solely focus on the bottom line. However, many industrial manufacturers invested more during the years leading to a recession and experiencedhigher revenue growth in the following years. Modernizing utility management and automating processes with FSM can save providers money spent on ancillary costs and establish a foundation for successful growth.
Author: Brad Hawkins, Senior Vice President of Products and Solutions at ServicePower
